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In the wake of Sheikh Hasina's resignation amid intense student and public protests, Dr. Muhammad Yunus, Chief Advisor of the interim government, has revealed that certain unscrupulous businessmen and influential figures have embezzled substantial amounts of loans under false names. The process of calculating the extent of this embezzlement is ongoing.
In a press release sent from the Chief Advisor's Press Wing on Wednesday (August 28), it was stated that in recent years, vast sums of money have been siphoned off through significant corruption and fraud in the banking sector by certain dishonest businessmen and powerful individuals. This money has been diverted abroad, and determining the exact amount is still in progress. It is estimated that the embezzled funds exceed several hundred billion taka.
Although specific names were not mentioned, the statement noted that reform activities have already begun in the banks and financial institutions involved in this corruption and money laundering.
Indicating the government's firm stance on prosecuting embezzlers, the Chief Advisor's office reported that, with the assistance of the new management authorities of banks, the Bangladesh Bank's BFIU, CID, and ACC, efforts have commenced to acquire local assets of the embezzlers and recover the laundered money from abroad. The government has already reached out to various international organizations for assistance in recovering these funds.
The statement also mentioned that a Banking Commission will soon be formed, which will investigate each bank and reveal the true extent of the issues. Within six months, the commission will draft a feasible roadmap for restructuring the banks.
The release emphasized that the goal of the Bangladesh Bank and the government is to build a robust banking sector that meets international standards. Achieving this goal will require time, international technical assistance, and funding from start to finish. The Bangladesh Bank and government are taking steps to acquire domestic and international assets of embezzlers and recover funds from abroad to restructure the banks.
Restructuring the banks and implementing structural reforms in the financial sector will be a time-consuming process. However, the government remains firmly committed to making Bangladesh’s financial sector internationally competitive.
Messenger/Shahed
